Volkswagen to buy back 5 lakh defeat device equipped cars

Volkswagen AG has reached a settlement with the concerned U.S. authorities for its involvement in the ongoing emissions scandal. As a part of the deal, Volkswagen is offering to buy back around five lakh defeat device equipped diesel cars. The carmaker has also agreed to set up a compensation fund for owners.

According to reports, Volkswagen AG is likely to tell a San Francisco federal judge on April 21, 2016 that it will buy back half a million of its diesel vehicles which emit more Nitrogen Oxide (Nox) than legally permitted. The...